Integrating Ricardian contracts with SQL databases: A legal and technical framework for digital commerce in Iraq

The recent fast-paced financial technology (FinTech) and distributed ledger system development has shifted the commercial contract practices, as the increased relevance of smart contracts and Ricardian contracts in the digital business setting is being emphasized. Smart contracts allow one to automatically execute predetermined instructions and Ricardian bridges the legal and technical aspects with human readable legal contracts and machine-executable contracts. In this paper, a hybrid solution has been suggested combining the Ricardian contracts with organized data management using SQL databases that can be more efficient at operations, auditable, and legally binding. The paper focuses on the technical benefits of SQL integration, such as effective storage and querying, execution tracking and contract flexibility, as well as on issues of liability, immutability, and evidentiary recognition. A comparative study of the laws in the United States, European Union, and the United Arab Emirates reflects the trends in law-making on the recognition of digital and executable contracts in the global context and presents Iraq with the possibility of implementing flexible laws. The suggested framework represents a holistic solution that will bring together legal and technical implementation, breeds trust, transparency, and effectiveness in online business dealings, and offers a progressive model of the newfound digital economy in the Arab setting.